Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,405/mo
Lowest payment- Down payment
- $83,977
- Funds due
- $94,684
- Interest + MI left
- $348,483
- First ends
- Oct 2053
Assumption
Assumption + second
$2,792/mo
+$386/mo- Down payment
- $35,977
- Funds due
- $47,946
- Interest + MI left
- $439,522
- First ends
- Oct 2053
New loan
New conventional
$2,717/mo
+$311/mo- Down payment
- $35,977
- Funds due
- $44,539
- Interest + MI left
- $483,755
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,022 | $271,022 | $319,022 |
| Second mortgage | — | $48,000 | — |
| First P&I | $1,832.67 | $1,832.67 | $2,208.84 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | $128.71 | $128.71 | $63.80 |
| Taxes, insurance & HOA | $444.08 | $444.08 | $444.08 |
| Total housing payment | $2,405.47 | $2,791.69 | $2,716.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,977
Closing costs & prepaids$11,970
Usable credit−$0
Total buyer cash needed$47,946
Earnest money paid−$0
Remaining funds due$47,946
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,549.99
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$267.25
Initial HOA (3 months)$615.00
Prepaid interest, first (1 days)$50.57
Prepaid interest, second (1 days)$11.84
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing26 yr 11 moOf the original 30-year loan at 6.810%
Interest already paid$58,001Through Nov 2026
Assumption only · ends Oct 2053$348,483
Assumption + second · ends Oct 2053, second Dec 2056$439,522
New conventional · ends Dec 2056$483,755